Bitmine Immersion bought 10,399 more ether last week, worth about $19.1 million, lifting its holdings to almost 5.8 million ETH. Chairman Tom Lee tied the purchase to ether's strongest monthly outperformance against the Nasdaq in a year, while the company also repurchased 4.5 million shares of its own stock.
Bitmine Immersion (BMNR) bought 10,399 ether last week, a purchase worth about $19.1 million at ether's price of $1,840. The acquisition lifted Bitmine's holdings to almost 5.8 million ETH, or about 4.8% of Ethereum's circulating supply, according to the company's Monday update.
Bitmine's ether-buying streak continues
The latest purchase was broadly in line with the previous week's 9,946 ETH buy, extending Bitmine's streak of weekly ether purchases since the company adopted its Ethereum treasury strategy in June 2025. Bitmine also bought back 4.5 million shares of its own stock last week, bringing total recent repurchases to 16 million shares.
Lee cites ether's edge over the Nasdaq
Chairman Tom Lee tied the company's outlook to ether's relative strength against technology stocks. Lee said ether's July gain marked its strongest outperformance since July 2025: "In July, ETH outperformed the Nasdaq 100 by 2,500 basis points." He added that the last time ether posted a similar monthly gain, in July 2025, the token rallied from about $2,375 to more than $4,000 by the end of the following month.
Strategy sells bitcoin as Bitmine buys ether
The update arrives as Strategy (MSTR), the largest corporate bitcoin holder, disclosed the sale of 1,638 BTC, worth about $105 million, while repurchasing $81.2 million of its STRC preferred stock. Strategy also raised $290 million through sales of common shares.
Bitmine's balance sheet and staking
Bitmine's crypto, cash and marketable securities totaled $11.3 billion as of August 2. Besides its ETH, the company owns 209 bitcoin and $173 million in cash and marketable securities, along with equity stakes in Beast Industries and Eightco Holdings.
It has staked 4.9 million ETH, about 85% of its holdings, and projects annualized staking revenue of roughly $247 million. Bitmine runs the program through MAVAN, its own staking platform.
Ether dipped over the weekend to $1,842, and Bitmine shares fell 2.1% premarket.
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